Date	Chamber	Action
11/12/2024	House	Referred to Rules Committee

Statutes Amended In Order of Appearance

30 ILCS 105/5.1015 new

30 ILCS 105/6z-112

30 ILCS 105/6z-143 new

35 ILCS 200/15-175.1 new

230 ILCS 40/60

Synopsis As Introduced
Amends the Property Tax Code. Creates the South Suburban Property Tax Relief Homestead Exemption Pilot Program. Provides that, for taxable years 2025 through 2029, certain qualified homestead property that is used as the primary residence of an individual who has occupied the property for at least 5 continuous years as of January 1 of the taxable year is eligible for a credit against the property taxes imposed on that property. Provides that the amount of the credit is the lesser of (i) the property tax liability for the property for the applicable taxable year or (ii) $5,000. Contains provisions concerning applications for the pilot program. Provides that the Cook County Assessor may not award credits under the pilot program for more than 7,500 properties in any taxable year. Amends the State Finance Act. Creates the South Suburban Property Tax Relief Fund. Provides that moneys in the Fund shall be used to make reimbursements to taxing districts that are affected by the South Suburban Property Tax Relief Homestead Exemption Pilot Program. Makes changes to provisions concerning the Cannabis Regulation Fund to provide for transfers to the South Suburban Property Tax Relief Fund. Amends the Video Gaming Act to make conforming changes. Effective immediately.

Actions 

Date	Chamber	Action
7/24/2024	House	Filed with the Clerk by Rep. Thaddeus Jones
11/12/2024	House	First Reading
11/12/2024	House	Referred to Rules Committee

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